Deduction U/s. 80-IB(10) not eligible if return not filed within due date, as prescribed U/s. 139(1)

Dy. CIT Vs. M/s. Siroya.Developers (ITAT Mumbai) A perusal of this section r80AC eveals that mandate of this section is very clear that to avail the benefit of deduction u/s 80IB, the assessee is required to file return within the due date as prescribed u/s 139(1) of the Act. It is noted that section 139(4) was existing when section 80AC was brought on the statute and thus, the legislature was conscious of this fact that return could be filed within the extended time as prescribed u/s 139(4), but the legislature chose to grant the benefit of deduction only when the return was filed u/s 139(1)....